The relevance of the GDPR to offshore

The GDPR, more precisely the General Data Protection Regulation, will come into force in the EU on 25 May 2018. Being EU law it might reasonably be imagined that it would be of minor direct relevance to institutions and establishments based offshore and outside of the EU. Not so. The territorial scope of the new regime is widely cast and will undoubtedly be of relevance to information and data travelling from the EU to offshore (and visa versa).